In the market for health care, the price that consumers with health insurance pay is __________ the full cost of providing the health care service.
a. higher than
b. lower than
c. equal to
b. lower than
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Assume that the state of Missouri decided to place a tariff on every product produced outside the state in an effort to increase the state's revenue and increase employment in the state. If Missouri did so,
A) the prices of goods imported into Missouri would fall. B) the state's total output would definitely increase. C) the standard of living within Missouri would decrease. D) workers with jobs in new firms replacing out-of-state imports would earn high income. E) other states would begin to dump in Missouri.
Perfectly competitive markets are characterized by:
a. a small number of very large producers. b. very strong barriers to entry and exit. c. firms selling a homogeneous product. d. all of these.
To construct GDP, exports:
a. and imports must be subtracted. b. and imports must be included. c. must be included and imports must be ignored. d. must be included and imports must be subtracted.
If Cliff Althoff attends an antique auction, spots a vase that he would be willing to buy at $400, and he is the winning bidder at a price of $400, then Cliff
a. receives $400 in value from this vase b. receives a consumer surplus of $400 c. should not have purchased the vase because consumer surplus is zero d. receives zero value from this vase because consumer surplus is zero e. ended up paying a consumer surplus of $400